SNS Insider Black Friday Offer
Oil Country Tubular Goods Market

Oil Country Tubular Goods Market Size, Share & Segmentation by Manufacturing Process (Electric Resistance Welded (ERW) and Seamless), by Product (Well Casing, Product tubing, Drill Pipe, Others), by Application (Onshore and Offshore), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/EQIP/1202 | May 2022 | Region: Global | 120 Pages

Report Scope & Overview:

Oil Country Tubular Goods Market size was valued at USD 20.23 Bn in 2021 and is expected to reach at USD 32.28 Bn by 2028, and grow at a CAGR of 6.9 % over the forecast period 2022-2028.

Oil Country Tubular Goods is a category of tubular products that are subjected to loading conditions according to on their specialized use, such as drill pipe, casing, line pipe, and tubing. Because of its adaptability and safety, the American Petroleum Institute grade is extensively utilized across the world. API's principal purpose is to create draught standards for the oil and petroleum sector in order to assure the safety and dependability of industrial machinery. Premium-grade items adhere to the International Organization for Standardization's specifications. Tubular items from the oil industry are used in onshore and offshore exploration and extraction facilities. Between the casings and the wellbore, cement or other materials are usually used to keep them in place. It also keeps undesirable fluids and gases out of the well.

Oil Country Tubular Goods Market Revenue Graph

MARKET DYNAMICS:

KEY DRIVERS:

  • Exploration and production activities should be increased.

  • Sour crude production is increasing.

RESTRAINTS:

  • Worldwide crude oil prices are a source of uncertainty.

  • OCTG failure during exploration and production operations.

OPPORTUNITY:

  • Fast economic growth and technological advancements in underdeveloped countries

  • Governments and commercial companies are both interested in finding new oil well reserves.

CHALLENGES:

  • The capital expenditure required to produce seamless OCTG is substantial.

IMPACT OF COVID-19:

The COVID-19 outbreak has severely damaged the worldwide Oil Country Tubular Goods market. The epidemic has harmed a variety of businesses and slowed global economic growth. Because of the lockout and inefficient transfer between nations, it has a significant influence on energy networks all around the world. Due to the protracted lockdown in major nations such as the United States, China, Japan, India, and Germany, the emergence of the pandemic resulted in the partial or entire shutdown of non-essential manufacturing facilities. The oil and gas business has been badly impacted by the epidemic, since most nations across the world have placed lockdown restrictions, affecting the import and export of products and services, resulting in a drop in oil and gas sales.

MARKET ESTIMATION:

The seamless segment dominates the worldwide Oil Country Tubular Goods market. Seamless tube is becoming used in the oil and gas sector because they can be extruded and pulled from a billet. In comparison to welded tubes, it also has a wider range of safety features. A seamless tube is typically short in length and does not exhibit any signs of corrosion unless it is exposed to a severely corrosive environment. The increased exploration operations in off-shore areas, as well as the redevelopment of many oil fields, are likely to give abundant chances for the expansion of the Oil Country Tubular Goods market's smooth process.

The good casing sector dominates the worldwide Oil Country Tubular Goods market. Well, the casing is a big diameter pipe put into the borehole's drilled segment. Between the casings and the wellbore, cement or other materials are usually used to keep the casing in place. It is regarded as an important aspect of the well-completion process. The rise in demand for good casing in this market is primarily due to the fact that it aids in the drilling process in several ways, including providing a strong foundation to allow the use of high-density drilling fluid to continue drilling deeper and providing a smooth internal bore for installing production equipment, all of which are expected to provide ample opportunities for well casing growth in the Oil Country Tubular Goods market.

The onshore sector dominates the worldwide Oil Country Tubular Goods market. Onshore refers to land-based processes related to offshore oil, gas, or condensate production. Large crude oil tanks for initial storage of oil prior to processing can be seen at an onshore oil terminal. When oil is supplied by a tanker, tanks offer a buffer capacity. The increased demand for oil and gas to develop a wide range of chemical products and fuel in the automotive sector has led to the exploration of onshore oil fields, which has increased the demand for oil country tubular goods for the transportation of crude oil, which is expected to provide ample opportunities for the onshore segment of the Oil Country Tubular Goods market to grow.

KEY MARKET SEGMENTS:

On the Basis of Manufacturing Process

  • Electric Resistance Welded (ERW)

  • Seamless

On the Basis of Product

  • Well Casing

  • Product tubing

  • Drill Pipe

  • Others

 On the Basis of Application

  • Onshore

  • Offshore

Oil Country Tubular Goods Market Segment Chart

REGIONAL ANALYSIS:

For the projected period of 2022-2028, the worldwide oil country tubular products market is predicted to develop at a healthy rate. The Asia-Pacific region is expected to dominate the worldwide tubular products market for oil-producing countries. As a result of its substantial expansion in oil and gas exploration and production, China is expected to be a prominent country in the cited region. Due to extensive shale gas reserves and increased demand for drilling activities, the North American market is likely to develop rapidly over the forecast period.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are ArcelorMittal SA, Evraz North America plc, Iljin steel corporation, Jfe steel corporation Nov inc., Oil country tubular limited, Sumitomo corporation, Tenaris, Tmk inc., U.s. steel corporation.

Oil Country Tubular Goods Market Report Scope
Report Attributes Details
Market Size in 2021 US$ 20.23  Billion
Market Size by 2028 US$ 32.28 Billion
CAGR CAGR 6.9% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Manufacturing Process (Electric Resistance Welded (ERW) and Seamless)
• by Product (Well Casing, Product tubing, Drill Pipe, Others)
• by Application (Onshore and Offshore)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles ArcelorMittal SA, Evraz North America plc, Iljin steel corporation, Jfe steel corporation Nov inc., Oil country tubular limited, Sumitomo corporation, Tenaris, Tmk inc., U.s. steel corporation.
Key Drivers •Exploration and production activities should be increased.
•Sour crude production is increasing.
Restraints •Worldwide crude oil prices are a source of uncertainty.
•OCTG failure during exploration and production operations.


Frequently Asked Questions (FAQ) :

Ans: - The capital expenditure required to produce seamless OCTG is substantial.

 

Ans: - The forecast period of the Oil Country Tubular Goods market is 2022-2028.

 

Ans: - The Asia-Pacific region is expected to dominate the worldwide market.

Ans. The primary growth tactics of Oil Country Tubular Goods market participants include merger and acquisition, business expansion, and product launch.

 

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.


Table of Contents

 

1. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges 

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Oil Country Tubular Goods Market Segmentation, by Manufacturing Process

8.1 Electric Resistance Welded (ERW)

8.2 Seamless

 

9. Oil Country Tubular Goods Market Segmentation, by Product

9.1 Well Casing

9.2 Product tubing

9.3 Drill Pipe

9.4 Others

 

10. Oil Country Tubular Goods Market Segmentation, by Application

10.1 Onshore

10.2 Offshore

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12. Company Profiles

12.1 ArcelorMittal SA

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Evraz North America plc

12.3 Iljin steel corporation

12.4 Sumitomo corporation

12.5 Nov inc.

12.6 U.s. steel corporation

12.7 Oil country tubular limited

12.8 Tenaris

12.9 Jfe steel corporation

12.10 Tmk inc.

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.